Property Type

Colliers Arranges Sale of 238-Unit Vineyard Trace Apartments in Houston

by Taylor Williams August 3, 2022

HOUSTON — Colliers has arranged the sale of Vineyard Trace Apartments, a 238-unit multifamily complex in Houston’s Willowbrook submarket. The garden-style property sits on 8.4 acres and features one-, two- and three-bedroom units. Amenities include two pools, a playground, clubhouse, sports court, outdoor grilling stations and onsite laundry facilities. Bob Heard, Chip Nash and Jaleel Adatia of Colliers represented the seller, Windmill Investments LLC, in the transaction. The buyer and sales price were not disclosed.

August 3, 2022

Industrial Leasing Activity Texas

Inmatics US Signs 100,153 SF Industrial Lease in Weatherford, Texas

by Taylor Williams August 3, 2022

WEATHERFORD, TEXAS — Houston-based biotechnology firm Inmatics U.S. has signed a 100,053-square-foot industrial lease at Weatherford Farms Business Park, a 34-acre development located on the western outskirts of Fort Worth. The three-building complex, which was completed last September, is now fully leased. Scott Visin of Cushman & Wakefield represented the tenant in the lease negotiations. Barkley Peschel, Walter Menuet and Jason Scholtz of Colliers represented the landlord, Crow Holdings Industrial, in conjunction with internal agents Cory Driskill and Emily Walker.

August 3, 2022

Development Florida Office Southeast

Brand Atlantic, Wheelock Receive $87M Construction Loan for Office Development in Downtown West Palm Beach

by John Nelson August 3, 2022

WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have received an $87 million construction loan from ACORE Capital for the development of Banyan & Olive, two Class A office buildings in downtown West Palm Beach. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the loan, terms of which were not provided. The financing provides funding for the gut renovation of 111 Olive, which includes 27,000 rentable square feet of office space and 11,000 rentable square feet of retail space to be delivered by year-end. The financing also provides funding for the vertical construction of 300 Banyan, a 12-story tower with 115,000 rentable square feet of office space, 6,000 rentable square feet of food and beverage space and roughly 300 parking spaces. Completion of 300 Banyan is slated for early 2024. Banyan & Olive will feature amenities such as 15,000 square feet of private office terraces, a golf simulator lounge and a seventh-floor amenity area with a fitness center and open-air lounge. Set in the heart of the Clematis Waterfront District, the buildings are situated near a variety of restaurants, bars, shops, Flagler Park and the boardwalk. — Kristin Hiller

August 3, 2022

Development Multifamily Southeast Tennessee

Doster Construction Completes Novel Edgehill Apartments in Nashville

by John Nelson August 3, 2022

NASHVILLE, TENN. — Doster Construction Co. has completed Novel Edgehill, a five-story mixed-use apartment community situated just south of Nashville’s Gulch district. Charlotte-based Crescent Communities and locally based Pearl Street Partners co-developed the 270-unit community, which features a five-level parking garage and rooftop pool. KTGY Architecture designed Novel Edgehill with studio, one- and two-bedroom floor plans. The asset also features ground-floor retail space leased to Land of a Thousand Hills Coffee, The Mercantile, Bodyrok gym and Roc and Roe Style Bar. Doster Construction broke ground on the project in 2020. According to the property website, rental rates range from $1,905 to $3,500 per month.

August 3, 2022

Acquisitions Georgia Multifamily Southeast

Trion Purchases Two Apartment Communities in Savannah for $57.7M

by John Nelson August 3, 2022

SAVANNAH, GA. — Trion Properties, a multifamily investor based in West Hollywood, Calif., has purchased two apartment communities in Savannah’s Southside submarket for $57.7 million. The 297-unit portfolio includes Osprey on the Bluffs and Heron on the Bluffs, which are situated one mile apart. Taylor Bird, Nelson Abels, Laura Aylor and Harrison Cheeley of Cushman & Wakefield brokered the transaction. Acquisition financing included debt arranged by Continental Partners through Capital One and preferred equity provided by Walker & Dunlop. The assets were 97 percent occupied at the time of sale and were both constructed in 1986. The previous ownership invested nearly $4.8 million in renovations across both properties, according to Trion. The company plans to invest in landscaping, parking lot renovations, pool deck redesigning, signage upgrades, new barbecue areas and a dog park.

August 3, 2022

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates $85.7M Sale of Upland Square Shopping Center in Pottstown, Pennsylvania

by Taylor Williams August 3, 2022

POTTSTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $85.7 million sale of Upland Square, a 400,716-square-foot retail power center in Pottstown, located northwest of Philadelphia. Built in 2009 and expanded in 2019, Upland Square is anchored by a 76,500-square foot Giant Food grocery store. Other tenants include Burlington, LA Fitness, Five Below, Ross Dress for Less, Bed Bath & Beyond, Staples, T.J. Maxx, Petco and Ulta Beauty. Brad Nathanson of IPA represented the seller, New Jersey-based Paramount Realty Services Inc., and procured the buyer, United Hampshire US REIT, in the transaction. The property was 95 percent leased at the time of sale.

August 3, 2022

Acquisitions Alabama Retail Southeast

IPA Arranges Sales of Inverness Corners, Inverness Plaza Shopping Centers in Birmingham for $48.4M

by John Nelson August 3, 2022

BIRMINGHAM, ALA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sales of Inverness Corners and Inverness Plaza, two shopping centers in Birmingham totaling 311,000 square feet. Zach Taylor of IPA represented the Atlanta-based seller, Branch Properties, which sold the assets for a combined $48.4 million. First National Realty Partners acquired Inverness Corners, which is anchored by Kohl’s and Winn-Dixie, and Halpern Enterprises purchased Inverness Plaza, which is anchored by PGA Tour Superstore and Planet Fitness. “The Inverness properties are located on the busiest corridor in Birmingham with the strongest demographics in the state of Alabama,” says Taylor. “The quality of the underlying real estate combined with successful tenancy led to aggressive pricing in spite of the current volatility in the market.”

August 3, 2022

Acquisitions Hospitality Kentucky Southeast

Huff, Niehaus Brokers Sale of 81-Room Comfort Suites Airport Louisville Hotel

by John Nelson August 3, 2022

LOUISVILLE, KY. — Huff, Niehaus & Associates, Inc. has brokered the sale of the Comfort Suites Airport Louisville hotel in Louisville. The 81-room hotel is located at 6535 Paramount Park Drive, about 4.5 miles south of Louisville Muhammad Ali International Airport. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction. According to the property website, the hotel features an indoor heated pool, fitness center, laundry services, free airport transportation and a full buffet breakfast for guests. The undisclosed buyer has several Choice hotels in its portfolio and plans to use a third-party management company to operate the Comfort Suites Airport Louisville. The seller and sales price were not disclosed.

August 3, 2022

Development Industrial Northeast Pennsylvania

BG Capital to Develop $85M Cold Storage Project in Philadelphia

by Taylor Williams August 3, 2022

PHILADELPHIA — Locally based development and investment firm BG Capital will build an $85 million cold storage project on a seven-acre site in Philadelphia’s Port Richmond neighborhood. New Jersey-based cold storage operator FreezPak Logistics has committed to leasing the 170,117-square-foot facility on a triple-net basis, with the expectation of adding about 60 new permanent jobs to the local economy. Building features will include a clear height of 75 feet, an automated inventory storage and retrieval system, 20 loading docks, 30 trailer parking stalls and 60 parking spaces. Construction is scheduled to begin in the third quarter. New Jersey-based OceanFirst Bank has provided $42.5 million construction-to-permanent loan for the project, and Nuveen Green Capital has committed another $30 million in financing.

August 3, 2022

Acquisitions Northeast Pennsylvania Retail

IPA Negotiates $85.7M Sale of Upland Square Shopping Center in Pottstown, Pennsylvania

by Taylor Williams August 3, 2022

POTTSTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $85.7 million sale of Upland Square, a 400,716-square-foot retail power center in Pottstown, located northwest of Philadelphia. Built in 2009 and expanded in 2019, Upland Square is anchored by a 76,500-square foot Giant Food grocery store. Other tenants include Burlington, LA Fitness, Five Below, Ross, Bed Bath & Beyond, Staples, T.J. Maxx, Petco and Ulta Beauty. Brad Nathanson of IPA represented the seller, New Jersey-based Paramount Realty Services Inc., and procured the buyer, United Hampshire US REIT, in the transaction.

August 3, 2022

Newer Posts

Older Posts